Ian Cowie was named Consumer Affairs Journalist of the Year in the
London Press Club Awards 2012. He has been head of personal finance at
Telegraph Media Group since 2008, having been personal finance editor
since 1989. He joined the paper in 1986. He is @iancowie on Twitter.

By the time the deal is complete, more than 3m of Lloyds’ personal accounts will be transferred to the Co-op. Of course, those who strongly oppose the deal can vote with their feet and switch their accounts to any bank they like – even Lloyds – but this will mean considerable nuisance. That’s why, for example, you are statistically more likely to get divorced than to change banks.

So customers, many of whom are also – like your humble correspondent – shareholders in Lloyds, have good reason to feel disgruntled about the deal. While it might sound like mere snobbery, it would be unbusinesslike to overlook the obvious question: how many of Lloyds’ core customers in Middle England will be pleased to pull out a Co-op cheque book or credit card?

On a brighter note, some of the nicest people I know bank with the Co-op and its long-standing commitment to ethical banking has certainly separated it from the pack, demonstrating you can do well by doing good. They have certainly done so with this deal. Co-op also has better customer satisfaction ratings than Lloyds, although its current account pays no interest and its cash individual savings account (Isa) yields a dismal 0.5pc.

Even after a 1pc uptick in Lloyds' share price today, this feels like the latest in a series of decisions taken way over the heads of the bank's customers and shareholders which will prove bad for our wealth.